Maximizing business referrals from peers: A guide for health insurance agents

Referrals are the lifeblood of your health insurance agency. But if you’re reading this article, chances are you’re not getting enough of them – even if your clients are singing your praises to anyone who will listen. Want to turn your referrals up a notch? Build a referral network. We’ll show you how.

Find other FIRE professionals

No, not firefighters. Finance, insurance, and real estate professionals. We’re willing to bet dollars to donuts other professionals in those industries are in the same boat as you – searching for ways to generate leads. You can help each other out by referring existing clients to each other. Here are a few professions you might Google:

• Estate planning attorneys
• Financial planners
• Tax preparers
• Real estate agents
• Property and casualty insurance agencies (assuming, of course, that’s not your side hustle!)

With your list in hand, it's time to go knocking on doors.

Deliver value

You'll have to give a little to get a little, so consider your pitch carefully. No one will hand over their client’s contact information to someone off the street. So, think instead about what you can do to provide value to your prospective partner. If you’re focused on the Medicare market, one simple question is all you need to get finance and insurance pros on your side:

“Could your clients benefit from an educational Medicare 101 session?”

You may get objections. They may already have existing referral relationships. You may or may not be able to change their minds. But chances are, you’ll find some warm-to-enthusiastic yeses. And if so, you’re on your way to scheduling that session.

Delivering value to real estate agents may be a bit more challenging. Their clients are likely somewhat widespread, and they’re probably not in as frequent contact with their clients. But, if you can find one that frequently works in your area, you could arm them with flyers or business cards as appropriate – something they could include in a “Welcome to the neighborhood” kit. In exchange, you might provide a finder’s fee for each lead that comes your way.

Quid pro quo

So, you’ve gotten what you’ve wanted – access to continuous lead sources. But, be ready to give back, too. You’re probably not going to want to just throw a stack of business cards at everyone who passes through your office. What you can do, though, is ask more simple questions: “Who do you use for your taxes?” “Is your will and/or trust up to date?” “Who is helping you plan for retirement?” If your clients aren’t sure or don’t know, you can now say “I know a guy (or gal)…”

And now you’re providing value to two audiences: your referral partners, and your clients.

Make your list, check it twice

We know you’ll be a great referral partner for everyone you work with. But, you’ll want to protect your own interests and make sure that your partners are holding up their end of the bargain. Are you collaborating on seminars as often as you agreed to? Are leads flowing from your partners at a regular rate? If not, it might be time for a problem-solving conversation.

Wait a minute. I’m the only FIRE professional for miles. What else can I do?

In smaller communities, you might not have a large stable of prospective partners in these industries. But, where there’s a will, there’s a way. Doctors, for all their medical smarts, aren’t always well-informed about Medicare or other insurance policies. Bring coffee for the office and leave a stack of cards, all while letting people know that you’re there to answer questions – for the staff and patients alike. Bingo nights always need volunteers and sponsors – let your microphone skills shine as you call numbers. Where there are people, there are opportunities to generate leads.

Diversify, diversify, diversify

Whatever you choose to do, it’s important to do more than one thing. Having only one referral partner is a liability – what if they become ill, or suddenly leave the business? You’re back to square one. Instead, build a more sustainable program by networking with a variety of professionals in your area. Your wallet will be glad you did.